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Trenton has a loan of $6464 to repay, with an interest rate of 6% compounded semiannually. Trenton planned to make $183 payments at the end
Trenton has a loan of $6464 to repay, with an interest rate of 6% compounded semiannually. Trenton planned to make $183 payments at the end of each month to repay his loan, but is considering only $139 per month. How many additional months will it take to repay the loan if he pays $139 per month instead of $183? (Hint: Round each term in months up to a whole number before finding the difference.)
N1 = N2 = The number of additional months to repay the loan is:
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